NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened with a gap and then remained sideways except in the last 30 min when it made the day's high of 5553 (low of 5510) and closed at 5546 - near the high of the day. Noteworthy point is that we have broken the triangle on the upside, now giving the target of 5800. While this is the technical target for the triangle, we must not forget various hurdles along the way. Another important point is that we remain below the oft repeated level of 5555 and 5570 but the possibility of crossing them tomottow can not be ruled out.
There is no denying the fact that the market has shown the strength for the past two days, but considering that we are closer to the various resistance levels viz, 5570 - 5615 and 5700 (channel resistance and 200 DMA) I find the risk reward against the buyer as we continue to remain in the sideways market and that too at the higher range.
Considering the strength shown by Nifty Future today, it is better to consider fresh short positions only below 5500 with stop loss of 5530.
We are now just 4 trading sessions away from the FNO settlement day, hence call options must be protected with strict stop loss levels as they may loose value.
Put Call Ratio of Index Options increased to 1.22 as against 1.13 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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